Bulls made a strong comeback on the trading floor of the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 index again crossing the historic mark of 96,000 during intraday trading on Thursday.
According to the PSX website, the market opened with a bearish trend and the KSE-100 fell by around 250 points in the early hours.
However, buying momentum returned to the market which pushed the benchmark index to the 96,725.51 level. Market analysts attributed the buying trend to easing investor concerns about political protests on November 24.
Buying activity was noted in sectors such as commercial banks, fertilizers, pharmaceuticals, automobile assemblers and refineries. Stocks like NRL, HASCOL, PSO, EFERT, HBL, and NBP showed positive trading trends.
At 12:50 pm, the market was hovering at 96,684.82 points, up 1138.37 points or 1.19 percent from the previous close of 95,546.45 points.
On Wednesday, the PSX ended its volatile trading session on a negative note, with the benchmark KSE-100 index down 310.21 points or 0.32 percent to close at 95,546.45.
The PSX has been on a winning streak for a few weeks, supported mainly by rising investor confidence and improved economic indicators. The stock market gained 1.6% last week, closing at a record high of 94,763 points.
According to a recent report by BloombergPakistan’s stocks are expected to rise by more than a quarter next year by the end of 2025 as the country’s economy improves and the currency stabilizes under a loan program with the IMF.
The benchmark KSE-100 index is forecast to rise to 127,000 points by December 2025, or a 34 percent increase, from last Friday’s close of 94,704 points, Topline Securities Ltd. In a report announced on November 16, according to Arif Habib Ltd. The index is targeting to reach 120,000 points, an increase of 27 percent.
“The stage is set for a possible market re-rating with falling interest rates, a stable rupee, and improving macroeconomic indicators,” Karachi-based brokerage Arif Habib commented in a report.
